By Toni Weeks
San Luis Obispo, Calif., Sept. 19 - Barclays Bank plc priced $25.64 million of 9% STEP Income Securities due Oct. 3, 2014 linked to the performance of Hartford Financial Services Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Hartford shares finishes at or above the step level - 109% of the initial price - the payout at maturity will be par of $10 plus 2.92%.
If the stock finishes at or above the initial value but below the step level, the payout will be par.
Investors will be fully exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Hartford Financial Services Group, Inc. (NYSE: HIG)
|
| Amount: | $25,642,980
|
| Maturity: | Oct. 3, 2014
|
| Coupon: | 9%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If Hartford shares finish at or above $35.08, par plus $0.292 per $10 note; if shares finish at or above initial price but below STEP level, par; full exposure to any losses
|
| Initial price: | $32.18
|
| STEP level: | $35.08, 109% of initial value
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742D218
|
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